An Internship Report submitted to Bengaluru City University in partial fulfillment of the

requirement for the award of the degree of Bachelor of Commerce.

BENGALURU CITY UNIVERSITY

BY
Ms. NEHA M.B
Register Number U18AF21C0001
Under the Guidance of
Prof.RAJATH G
Assistant Professor
Department Of Commerce

VIDYA VARDHAKA SANGHA FIRST GRADE COLLEGE

(Affiliated to Bengaluru City University)
NACC Reaccredited “B++” Grade
2nd Block, 3rd Stage, Mangaladhama, Basveshwarnagar, Bengaluru – 560079

Phone : 080-23226182 Fax : + (91) – 80-23228373

E-mail : vvsfgcw@gmail.com Website : www.vvsdegreecollege.in
2023-2024
 CERTIFICATE

This is to certify that Ms. Neha M.B, 6th semester B.com Reg No.U18AF21C0001 has
carried out the Internship at Sanjay K and Co., Bengaluru under the guidance of Mr. Rajath
G Assistant Professor, Department of commerce in partial fulfilment of requirement of
Bachelors of Commerce .

Sri S G NAGARAJU

Principal, Associate Professor of Commerce

Vidya Vardhaka Sangha First Grade College

Date:

Place: Bengaluru.
 GUIDE CERTIFICATE

This is to certify that Ms. Neha M.B, 6th SEMESTER B. com bearing university Reg No.
U18AF21C0001 as prepared the report under my guidance and supervision. She has attended
the required guidance sessions held. This report has not form a basis for the award of any
other Degree/Diploma of any other Institution or University.

Signature of Guide

Date:

Place: Bengaluru.
 DECLARATION

I hereby declare that the Internship Report prepared by me is the result of original work
undertaken at SANJAY K and Co carried out by me under the guidance of Mr. RAJATH
G, Bachelors of Commerce by Bengaluru City University.

I also declare that this report is outcome of my own efforts and that it has not been submitted
to any other University or Institute for the award of any other Degree or Diploma or
Certificate.

Place: Bengaluru.

Name: NEHA M.B

Register Number: U18AF21C0001

Date:
 ACKNOWLEDGMENT

I take this as an opportunity to express my profound gratitude to all who have been
significant contributors to this learning process.

I convey my gratitude to SANJAY SIR, Chartered Accountant

I express my deepest sense of gratitude to Sri S G NAGARAJU, Principal and Associate

Professor, Department of Commerce, Vidya Vardhaka First Grade College for his constant
support.

I am grateful and Thankful to Mr. RAJATH G , Assistant Professor, Department of

Commerce, Vidya Vardhaka First Grade Collage for her support, guidance and
encouragement and for sparing her valuable time and guiding in the successful completion of
the report.

I am grateful and thankful to my Parents.

Place: Bengaluru.

Date: Signature of the student

 Department of Commerce
- BCOM
Internship Table of Contents

Student Name and USN No:Neha M.B (U18AF21C0001)

Company Name:Sanjay K and Co
Address:Bashveshwara Nagar

SI. No. Chapters Topics

01 Chapter 1 Introduction about organizations

02
Chapter 2 Organization profile service offered

03
Chapter 3 SWOT ANALYSIS

04 Introduction to GST and GST Registration and

Chapter 4 Returns

05
Chapter 5 Vouching and Book Keeping in Audit

06
Chapter 6 TALLY

07
Chapter 7 Learning Experience

08
Chapter 8 Reviews By Clients

09
Chapter 9 Conclusion

10
Chapter 10 Bibliography
 CHAPTER-1
INTRODUCTION ABOUT ORGANISATION

ABOUT THE INDUSTRY

The Frim Sanjay K & Co, is a Chartered Accountant firm based out of Bangalore, India
established in the year 2012.
We have been rendering a multitude of services under one roof over the past 5.6 years,
especially in the field of back office management services, audit and assurance, direct and
indirect taxation, international taxation, corporate law, management consultancy, matters
relating to FEMA, mergers and acquisitions, and other allied areas.
Sanjay K & Co, a firm of chartered accountants has been serving clients from across various
industries and we believe in providing comprehensive solutions to assist its clients in meeting
the challenges of a dynamic business environment.
We are committed to providing unmatched quality services in a time-bound manner and
believe in empowering clients through the continuous cycle of knowledge sharing. We strive
to deliver value and build long term associations with its clientele. We are certain that this
knowledge portal will be of immense help to all its users.
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Our Mission
To be a Catalyst in the Growth of People and Organization, thereby making them proud &
respectable.
Our Vision
With ‘Quality is Priority’ as an ultimate aspiration, SANJAY K & CO..’s vision is to nurture
a professional firm of repute which is competitive, dynamic and focused team leader in the
areas of its operation, providing the best opportunity to progress and grow to all those who
are associated with it and also serving the best interests of the clients
Our Value
SANJAY K & CO. is focused on creating sustainable value growth through innovative
solutions and unique pathways. Our values are at the heart of our business reputation and are
essential to our continued success. We foster an environment to instill these values in every
facet of our organization.
 CHAPTER - 2

ORGANISATIONAL PROFILE

2.1 INTRODUCTION

SANJAY K & Co is a leading Chartered Accountancy firm . It is rendering comprehensive

professional services which include audit , tax consultancy , management consultancy ,
accounting services etc.

It is a professionally managed firm . The team consists a proprietor Chartered Accountant

and other Associates . The firm represents a combination of specialized skills, which are
geared to offers sound financial advice and personalized proactive services . Those
associated with the firm are the skilled workers who work consistently in the firm , which
enables the firm to keep pace with contemporary developments and meet the needs of its
clients .

Sanjay k and Associates Company has a clear vision for the future growth and development
of financial markets , services and research to stay ahead of these trends and developments .

2.2 SERVICES OFFERED :

  Company Law Consultancy
 Goods & Service Tax
 Setting of New Business
 Start Up Ventures
 Credit Syndication
 Negotiations with the Banks

2.3 CORPORATE SERVICES :

 Incorporation of company

 Advisory Planning for Mergers , Acquisition , De- mergers and Corporate

re-organisation .

 Consultancy on Company Law matters

 Filing the annual returns and various forms , documents .
 Maintenance of Statutory records.

Benefits of Corporate Services

1. Expertise and Knowledge: Access to professionals with specialized knowledge in

various fields, ensuring accurate and efficient handling of tasks.
2. Compliance: Ensures adherence to all legal, regulatory, and statutory requirements,
reducing the risk of non-compliance penalties.
3. Efficiency: Streamlines administrative processes, allowing businesses to focus on
core activities.
4. Cost Savings: Reduces the need for in-house staff for specialized tasks, leading to
cost savings.
5. Risk Mitigation: Identifies and mitigates risks, protecting the business from potential
issues.
 CHAPTER 3
SWOT ANALYSIS

SWOT ANALYSIS

STRENGTHS

WEAKNESSES

OPPORTUNITIES
THREATS

SWOT Analysis is a strategic planning tool used to identify and analyze the Strengths,
Weaknesses, Opportunities, and Threats related to a business or project. It helps
organizations understand their internal and external environments to make informed decisions
and develop effective strategies.

Components of SWOT Analysis

1. Strengths:

Internal attributes that give the organization an advantage over competitors.

2. Weaknesses:

Internal attributes that place the organization at a disadvantage relative to competitors.

3. Opportunities:

External factors that the organization can exploit to its advantage.

4. Threats:

External factors that could cause trouble for the organization or project.
  STRENGTH

 Benefit to clients
 Strong firm management
 Availability of system and software
 General availability
 Good financial position

Examples:

▪ Strong brand reputation.

▪ Loyal customer base.
▪ Innovative products or services.
▪ Efficient supply chain management.
▪ Skilled workforce.

 2. Weakness

 No online presence
 Communication gap
 No foreign affiliation

Examples:

▪ High employee turnover.

▪ Outdated technology.
▪ Limited marketing reach.
▪ Poor financial performance.
▪ Weak online presence.

 3. Opportunity

 Emerging markets and expansion abroad

 Less competition

Examples:

▪ Emerging markets.
▪ New customer segments.
▪ Technological innovations.
 ▪ Strategic partnerships.
▪ Regulatory changes favouring the industry.

 4.Challenges:

 Job stress
 External changes
 Technology Challenges

Examples:

▪ Intense competition.
▪ Economic recession.
▪ Changes in consumer preferences.
▪ Regulatory changes.
▪ Supply chain disruptions.

Steps to Perform a SWOT Analysis

▪ Gather Information: Collect data from internal reports, market

research, and industry analysis.
▪ Brainstorm: Organize a brainstorming session with key stakeholders
to identify strengths, weaknesses, opportunities, and threats.
▪ Categorize: Categorize the identified factors into the four SWOT
categories.

CHAPTER 4

INTRODUCTION TO GST AND GST REGISTRATION

What is GST?

Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that
is levied on every value addition. It has replaced many indirect taxes in India, such as the
Value Added Tax (VAT), Service Tax, and Excise Duty. GST is designed to bring uniformity
in the tax structure across the country, making it a single, indirect tax for the entire nation.
Key Features of GST

1. Comprehensive:

GST subsumes most of the existing indirect taxes.

2. Multi-Stage:

GST is imposed at every stage of the production process, but is refunded to all parties in
the production chain other than the final consumer.

3. Destination-Based:

GST is collected at the point of consumption rather than the point of origin, meaning the
tax revenue goes to the state where the goods or services are consumed.

Types of GST

GST is divided into four types:

1. Central Goods and Services Tax (CGST):

Collected by the Central Government on an intra-state sale (e.g., within Maharashtra).

2. State Goods and Services Tax (SGST):

Collected by the State Government on an intra-state sale (e.g., within Maharashtra).

3. Integrated Goods and Services Tax (IGST):

Collected by the Central Government for inter-state sales (e.g., Maharashtra to Tamil
Nadu).

4. Union Territory Goods and Services Tax (UTGST):

Collected for transactions in Union Territories without legislature.

Benefits of GST

1. Elimination of Cascading Effect:

GST avoids the tax-on-tax effect, thereby reducing the overall tax burden on goods and
services.

2. Higher Threshold for Registration:

Businesses with a turnover of less than ₹40 lakhs are exempt from GST (increased
threshold for specific states).

3. Composition Scheme for Small Businesses:

Small businesses can pay tax at a fixed rate on turnover and avoid the tedious GST
formalities.

4. Simple and Easy Online Procedure:

The entire GST process—from registration to filing returns—is online, making it user-
friendly.

5. Improved Efficiency of Logistics:

GST has reduced the need for multiple checkpoints and documentation at state borders,
facilitating smoother and faster movement of goods.
GST Registration

GST Registration is mandatory for businesses whose turnover exceeds the threshold limit
prescribed by the government. Registration provides a unique GST Identification Number
(GSTIN) to the business.

Who Needs to Register for GST?

1. Businesses with a Turnover Exceeding Threshold Limits:

₹40 lakhs for goods and ₹20 lakhs for services (the threshold may vary for special category
states).

2. Inter-State Suppliers:

Any business supplying goods or services across state borders.

3. E-commerce Operators:

Businesses operating through online platforms.

4. Casual Taxable Persons and Non-Resident Taxable Persons:

Those who occasionally supply goods or services in a taxable territory where they do not
have a fixed place of business.
5. Agents of a Supplier:

Individuals who supply goods on behalf of others.

6. Input Service Distributors:

Businesses that receive invoices for services and distribute the credit of GST paid to
branches.

7. Reverse Charge Mechanism:

Businesses required to pay tax on the reverse charge basis.

Steps for GST Registration

1. Visit the GST Portal: Go to the official GST portal (gst.gov.in).

2. Generate a TRN: Fill in Part A of the form to obtain a Temporary Reference Number
(TRN).
3. Fill Part B of the Form: Use the TRN to log in and fill Part B with detailed information
and necessary documents.
4. Submit and Verify: Submit the application after verifying details with a Digital
Signature Certificate (DSC), Electronic Verification Code (EVC), or E-sign.
5. Acknowledgment: Upon successful submission, an Application Reference Number
(ARN) is generated.
6. GSTIN Allocation: Once approved, a unique GSTIN is allocated and the business is
registered under GST.

Required Documents for GST Registration

PAN Card: of the business or applicant.

Proof of Business Registration: Incorporation certificate or partnership deed.

Identity and Address Proof: Of the promoters/directors with photographs.

Address Proof of Business: Rental agreement or electricity bill.

Bank Account Details: A cancelled cheque or bank statement.

Digital Signature: For verification.

CHAPTER 5

VOUCHING AND BOOK KEEPING IN AUDIT

What is Vouching?

Vouching is a crucial auditing process in which auditors verify the authenticity of

transactions recorded in the company’s books of accounts. This involves examining
documentary evidence such as invoices, receipts, vouchers, and other supporting documents
to ensure that all entries are valid, accurate, and comply with accounting principles.

Objectives of Vouching

1. Accuracy and Authenticity:

Ensure that all recorded transactions are genuine and accurate.

2. Detection of Errors and Frauds:

Identify any discrepancies, errors, or fraudulent activities.

3. Compliance:

Verify that transactions comply with legal and organizational policies.

4. Completeness:

Ensure that no transactions have been omitted.

5. Proper Classification:

Confirm that transactions are recorded in the appropriate accounts.

Types of Vouchers

1. Primary Vouchers:

Original documents such as invoices, receipts, bills, and contracts.

2. Collateral Vouchers:

Secondary documents that support the primary vouchers, such as internal memos and
correspondence.
Steps in Vouching

1. Gather Documents:

Collect all relevant supporting documents for the transactions recorded in the books.

2. Check Authenticity:

Verify the authenticity of the documents by checking signatures, dates, and stamps.

3. Match Entries:

Cross-check the entries in the books with the supporting documents.

4. Verify Details:

Ensure that the details like amount, date, and description are correctly recorded.

5. Check Authorization:

Confirm that transactions are authorized by the appropriate personnel.

6. Follow Up:

Investigate any discrepancies or unusual entries found during the process.

Importance of Vouching

1. Builds Credibility:

Enhances the reliability of the financial statements.

2. Ensures Accountability:

Holds personnel accountable for their actions and decisions.

3. Prevents Fraud:

Helps in detecting and preventing fraudulent activities.

4. Maintains Accuracy:

Ensures the accuracy of financial records, leading to better decision-making.

5. Legal Compliance:

Ensures compliance with legal and regulatory requirements.

What is Bookkeeping?

Bookkeeping is the systematic recording and organizing of financial transactions in a

company’s books of accounts. It forms the foundation of the accounting process and provides
the necessary information for financial analysis and reporting.

Objectives of Bookkeeping

1. Record Transactions:

Maintain a detailed and accurate record of all financial transactions.

2. Financial Reporting:

Provide data for preparing financial statements and reports.

3. Decision Making:

Supply information necessary for making informed business decisions.

4. Compliance:

Ensure adherence to legal and regulatory requirements.

5. Track Financial Position:

Monitor the financial health and performance of the business.

Types of Bookkeeping Systems

1. Single-Entry System: Records only one side of each transaction, suitable for small
businesses.
2. Double-Entry System: Records both debit and credit sides of transactions, ensuring
accuracy and completeness.

Key Bookkeeping Activities

1. Recording Transactions:
a. Entering all financial transactions in the appropriate books (journals and ledgers).

2. Posting to Ledgers:
a. Transferring journal entries to individual accounts in the ledger.

3. Balancing Accounts:
Ensuring that debit and credit balances are equal.

4. Preparing Trial Balance:

Summarizing all ledger accounts to check the accuracy of recorded transactions.

5. Reconciling Accounts:
Comparing internal records with external documents (bank statements, supplier
invoices) to ensure consistency.

6. Generating Reports:
Creating financial reports such as income statements, balance sheets, and cash flow
statements.

Importance of Bookkeeping

1. Financial Management: Provides a clear picture of financial health, enabling effective

management.
2. Legal Compliance: Ensures compliance with tax laws and regulations.
3. Performance Analysis: Facilitates analysis of financial performance and identification of
trends.
4. Resource Allocation: Helps in budgeting and resource allocation.
5. Audit Trail: Creates a verifiable trail of financial transactions, aiding in audits and
investigations.

Relationship Between Vouching and Bookkeeping

 Foundation:

Bookkeeping lays the foundation for vouching by systematically recording all

transactions.

 Verification:
 Vouching involves verifying the accuracy and authenticity of the transactions recorded
during bookkeeping.

 Accuracy:

Both processes work together to ensure the financial statements are accurate and reliable.

 Compliance:

They help in ensuring that the financial records comply with legal and regulatory
requirements.

 Fraud Prevention:

Combined, they play a critical role in detecting and preventing errors and fraud.
 CHAPTER-6
TALLY

What is Tally?

Tally is a comprehensive business accounting and inventory management software widely

used by small and medium-sized enterprises (SMEs) in India and across the globe. Developed
by Tally Solutions Pvt. Ltd., Tally ERP 9 is one of the most popular versions, offering a
range of features that facilitate accounting, inventory management, tax management, payroll,
and more.

Key Features of Tally

1. Accounting:

Tally supports all major accounting functions such as receivables, payables, general
ledger, and more. It also provides detailed financial statements and reports.

2. Inventory Management:

Helps in tracking stock levels, managing orders, and recording inventory transactions.

3. GST Compliance:

Simplifies GST calculations and returns filing.

4. Payroll Management:
 Manages employee payroll, including salaries, deductions, and statutory compliances.

5. Multi-User Environment:

Supports multiple users with different access rights.

6. Data Security:

Offers robust security features to protect financial data.

7. Banking:

Facilitates bank reconciliation, cheque printing, and other banking operations.

8. Customization:

Highly customizable to suit the specific needs of businesses.

Tally in Bookkeeping and Accounting

Bookkeeping in Tally involves systematically recording all financial transactions to ensure

accurate and reliable financial statements. Tally automates many bookkeeping tasks, reducing
manual effort and increasing efficiency.

Key Bookkeeping Activities in Tally

1. Creating Masters:
o Chart of Accounts:
o Setting up ledger accounts under various heads (assets, liabilities, income,
expenses).
o Inventory Items: Defining stock items, units of measure, and inventory groups.

2. Recording Transactions:
o Voucher Entries: Recording daily transactions using different voucher types
(sales, purchases, receipts, payments, journal entries).
o Purchase Vouchers: Recording all purchase transactions.
o Sales Vouchers: Recording all sales transactions.
o Payment Vouchers: Recording payments made to suppliers and other parties.
o Receipt Vouchers: Recording receipts from customers and other parties.
o Contra Vouchers: Recording fund transfers between cash and bank accounts.
o Journal Vouchers: Recording adjustments, accruals, and other non-cash
transactions.
3. Inventory Management:
o Stock Transfers: Recording transfer of stock between locations.
o Stock Journal: Adjusting stock quantities for internal purposes.
o Delivery Notes: Issuing delivery notes for goods dispatched to customers.

4. Bank Reconciliation: Reconciling bank statements with Tally’s records to ensure

consistency.

5. Generating Reports:
o Financial Reports: Balance sheet, profit and loss statement, trial balance.
o Inventory Reports: Stock summary, stock movement analysis.
o GST Reports: GST summary, GST returns.
o Payroll Reports: Pay slips, payroll statements.

Vouching in Tally

Vouching in Tally involves verifying the authenticity of the transactions recorded in the
software. It ensures that each entry is backed by appropriate documentation and complies
with accounting principles and regulatory requirements.

Steps for Vouching in Tally

1. Access Voucher Entries:

Navigate to the voucher entry screen to view recorded transactions.

2. Verify Supporting Documents:

Check the physical or scanned copies of invoices, receipts, bills, and other documents
supporting each transaction.

3. Cross-Check Details:

Ensure that the details such as date, amount, and parties involved match the supporting
documents.

4. Check Authorization:

Verify that transactions are authorized by the appropriate personnel.

5. Investigate Discrepancies:

Investigate any discrepancies or unusual entries found during the vouching process.

Benefits of Using Tally for Bookkeeping and Vouching

1. Efficiency:

Automates repetitive tasks, reducing manual effort and increasing efficiency.

2. Accuracy:

Minimizes errors through automated calculations and data validation.

3. Compliance:

Ensures compliance with accounting standards and regulatory requirements (e.g.,

GST).

4. Real-Time Data:

Provides real-time financial data for better decision-making.

5. Audit Trail:

Maintains a detailed audit trail, making it easier to track and verify transactions.

6. User-Friendly:

Intuitive interface that simplifies complex accounting tasks.

OVERVIEW OF TALLY ERP 9

 Journal Entry
Journal Vouchers are usually used for finalization of accounts . To pass a journal
Voucher .

Go to Gateway of tally > Accounting Vouchers

Click on F7: Journal on the button bar or press F7

For example : there may be entries made for interest accrued or interest due . If you have to
receive Interest from a party , the same can be entered using Journal Voucher .

1.Debit the party

2.Credit the Interest Receivables Account Journal entry is displayed as shown :

 CHAPTER 7

Learning Experience

 The working experience was very beneficial.

 More knowledge gained by learning more .

 Topics related to company.

 Well treated the students.

 Good handling and control over us.

 Excellent in working effectively and efficiently.

 Better knowledge in Tally and Excel.

 It was a good experience and opportunity to Be a part of them.

Learning Objectives:

 Clearly defined goals outlining what the learner should know or be able to do after the
learning experience.
 Examples: Understand basic accounting principles, develop proficiency in a specific
software, improve communication skills.

Content Delivery:

 The material provided to learners, which can include text, videos, interactive modules,
and hands-on activities.
 Examples: Online courses, textbooks, webinars, workshops.

Engagement and Interaction:

 Opportunities for learners to interact with the material, the instructor, and other
learners.
  Examples: Discussion forums, group projects, interactive simulations, Q&A sessions.

Assessment and Feedback:

 Methods to evaluate learners’ understanding and provide feedback to help them

improve.
 Examples: Quizzes, assignments, peer reviews, instructor feedback.

Reflection:

 Activities that encourage learners to think critically about what they have learned and
how they can apply it.
 Examples: Journals, self-assessment exercises, group discussions.

Empathy:

 Being an empathetic individual comes naturally to some , but is less natural to others.
Behaving with empathy means more than feeling bad for someone who’s sad or
sharing in someone else’s world to understand not just what their point of view is, but
also why they have that point of view. Empathy is a behavioural skill that can help
one not only keep their own peace of mind but can also help one to grow in your
career because empathetic people tend to put others at ease.

CHAPTER 8

REVIEWS BY CLIENT

• It’s a very good service. They provide correct Solution.

• I am glad to refer them to all of you.

• Good service and quick response.

• Thank you to SANJAY & Co.

• I am very happy to be part in their team.

 CHAPTER 9

CONCLUSION

Sanjay and Associates Company is overall one of the profits making and reputed firm of
Earth. The organization since its very first day is devoted to providing quality services.

The detailed and through review of work and client’s trust shows the perfection with which it
is working.

Addition to these projects, I also helped many of the CPAs with document organization, trial
balance reviews, and many other day-to-day needs. While I was able to learn a lot from
normal office life, this was a great experience to interact with everyone in an informal setting
outside of work.
Overall, my internship at Orion Edu tech pvt. ltd has been a success. I was able to gain
practical skills, work in a fantastic environment, and make connections that will in
conclusion, the internship was a useful experience. I have found out what my strengths and
weaknesses are .I gained new knowledge and skills and met many new people.

I achieved many of my learning goals, however for some conditions did not permit to achieve
them as I wanted. Additionally, I felt like I was able to contribute to the company by assisting
and working on projects throughout the days. For example, I assisted one of the partners with
several PowerPoint presentations for clients of the company. Also, I helped to organize all of
the firms marketing contacts by utilizing Google Documents.

In addition to these projects, I also helped many of the CPAs with document organization,
trial balance reviews, and many other day-to-day needs. While I was able to learn a lot from
normal office life, this was a great experience to interact with everyone in an informal setting
outside of work

Overall, my internship at Orion Edu tech Pvt.ltd has been a success. I was able to gain
practical skills, work in a fantastic environment, and make connections that will last a
lifetime. I could not be more thankful.
 BIBLIOGRAPHY

 https://www.aaplautomation.com
 https://www.referencer.in
 https://www.justdial.com